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The operator of the O2 in London has halted an auction to sell the company after receiving offers that were more than $1 billion short of expectations.

Anschutz Entertainment Group, which part-owns the Los Angeles Lakers and which is controlled by chairman Phil Anschutz, is thought to have valued its business at $8-$10 billion but the sale was pulled when the three bidding consortia submitted offers of less than $7 billion.

Mr Anschutz, 73, is estimated to be worth about $10 billion. He said: “From the very beginning of the sales process, we have made it clear to our employees